On March 28, 2008, the Ohio Bureau of Workers' Compensation (BWC) approved a five-percent overall premium rate decrease for private employers, effective July 1, 2008. This marks the first premium rate decrease for Ohio's private employers since 2001.

The average five-percent rate change will impact employers based on their manual classification. Some manual classifications will realize a rate reduction higher than five percent, while other manual classifications may experience an increase. The Board of Directors expects to discuss state agency rates for the term beginning July 1, 2008, at a future meeting.

Also, the BWC announced on January 11, 2008, that the discount rate for public employer taxing districts is 3.03 percent APR (0.0083 percent daily rate) of total premium for the 2007 policy year. BWC individually applies the discount rate to public employers who pay their entire premium on or before May 15. It automatically refunds the savings after payroll is processed.

BWC calculates the amount of the discount on total premium and the date the public employer chooses to pay premiums. The earlier a public employer pays its premiums, the larger the discount it receives.

Public employers must pay a minimum of 45 percent of their total premium costs by May 15. The remaining 55 percent is due by Sept. 1.